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Try Before You Buy
6 Lessons-
PreviewOverview of Ke, Beta and WACC (19:01)
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PreviewHow Interest Rate SWAP Works (22:27)
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PreviewWorked Example for Interest Rate SWAP (17:58)
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PreviewInterest Rate Risk - WB Question 22 Shawter Co (48:49)
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PreviewKit Q 10 Tampem Co - NPV, APV and MIRR (1:29:59)
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PreviewKit Q Strayer Co - APV Calculation (57:56)
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ACCA AFM Resources
6 Lessons -
Revision Topics from ACCA FM (F9) Additional Resource For Knowledge Refresh
22 Lessons-
Start1. Introduction to Discounted Cash Flow - DCF (9:14)
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Start2. Shareholder Wealth Maximization and DCF (15:47)
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Start3. Compounding and Discounting (31:31)
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Start4. Discounting the Cash Flows - Example (19:56)
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Start5. Discount Factors (5:36)
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Start6. Annuity (14:58)
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Start7. Annuity Examples Solved (18:47)
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Start8. Perpetuities (13:48)
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Start9. Net Present Value - NPV (25:38)
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Start10. Net Present Value Further Explained (14:05)
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Start11. IRR - Internal Rate of Return (26:03)
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Start12. Assessment of DVF as Method of Investment Appraisal (16:29)
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Start13. Allowing for Inflation and Taxation - Inflation (21:01)
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Start14. Allowing for Inflation and Taxation - Taxation (26:10)
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Start15. Cost of Capital - CAPM (26:13)
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Start16. Capital Structure - Introduction and Theories (34:52)
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Start17. Beta Concept (23:56)
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Start18. Capital Structure MCQ - Part 1 (28:31)
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Start19. Foreign Exchange Risk - Introduction (26:30)
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Start20. Foreign Exchange Risk - Types of Risk (20:11)
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Start21. Foreign Exchange Risk - Money Market Hedging (30:37)
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Start22. Foreign Exchange Risk - Futures, Options and Swaps (19:11)
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Chapter 1 - Financial Strategy - Formulation
14 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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StartOverview of AFM (32:01)
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StartProfessional Marks in AFM (31:59)
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Start1. Introduction to Chapter 1 (11:39)
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Start2. Why Profit is not Enough (6:15)
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Start3. Financial Strategy Formulation (5:08)
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Start4. Use of Debt Finance (15:35)
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Start5. Dividend Capacity (20:45)
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Start6. Ethics (11:37)
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Start7. Integrated Reporting (08:41)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartDividend Capacity - BBP Kit Q8 - Arthuro (Part a)
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StartDividend Capacity - BBP Kit Q8 - Arthuro (Part b)
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Chapter 2 - Financial Strategy - Evaluation
23 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Introduction to Financial Strategy Evaluation (5:43)
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Start2. Cost of Finance - Equity And Debt (22:43)
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Start3. Cost Of Equity And CAPM (14:20)
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Start4. Betas Explanation with KE and WACC (56:49)
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Start5. WACC in Brief (10:18)
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Start6. Bonds, Yield and Yield Curve (1:15:13)
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Start7. Coupon and Yield Recap (11:38)
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Start8. Importance of Dividend Decisions (12:28)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartDividend Capacity - BBP Kit Q8 - Arthuro (Part a)
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StartDividend Capacity - BBP Kit Q8 - Arthuro (Part b)
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StartBond Duration and Issue Prices - BBP Kit Q36 - AWP Co
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StartWACC - BBP Kit Q21 - Coeden Co
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StartFinancial Strategy - BBP Kit Q9 - Lamiri Co - Discussion
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StartDividend Capacity - BBP Kit Q9 - Lamiri (Part a)
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StartTransfer Pricing - BBP Kit Q9 - Lamiri (Part b)
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StartBond Valuation - BBP Kit Q20 - Toltuk Co (Part a)
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StartCredit Rating - BBP Kit Q20 - Toltuk Co (Part b & c)
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StartPerformance Measurement - BBP WB Activity - Splinter
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StartAFM - Assignment 1 - Financing Strategy
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StartAFM - Assignment 1 - Financing Strategy - Answer.
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Chapter 3 - Discounted Cash Flow
14 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Basics Of Investment Appraisal (6:26)
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Start2. DCF And NPV Layout (34:09)
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Start3. FCF And FCFE (21:47)
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Start4. NPV and IRR (18:21)
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Start5. Chapter Summary (18:21)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartNPV, IRR, MIRR, & Exchange Rates - BBP Kit Q17 - CD Co
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StartInvestment Appraisal (Sensitivity Analysis) - Study Hub - Arbore Co
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StartWACC - BBP Kit Q14 - TISA Co (Part a)
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StartIRR and MIRR - BBP Kit Q14 - TISA Co (Part b) -1
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StartIRR and MIRR - BBP Kit Q14 - TISA Co (Part b) - 2
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StartNPV, Investment Duration and Sensitivity Analysis - BBP Kit Q13 - Fernhurst
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Chapter 4 - Application of option pricing theory to investment decisions
16 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Introduction to Option Pricing Theory (28:46)
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Start2. Option Pricing and Black Scholes Model (51:17)
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Start3. Standard Deviation and Variance (39:47)
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Start4. Value at Risk and Standard Deviation (45:15)
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Start5. Quick Recap Options (26:45)
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Start6. Quick Recap BSOP (26:34)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartBSOP Model - BBP Kit Q - Alaska Co
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StartBSOP Model - BBP Kit Q17 - MMS Co
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StartWTO and Trade Protectionism - BBP Kit Q52 - Chmura Co (Part 1)
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StartNPV Without Put Option - BBP Kit Q52 - Chmura Co (Part 2)
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StartNPV With Put Option - BBP Kit Q52 - Chmura Co (Part 3)
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StartBlack Scholes Option Pricing - BBP Kit Q19 - Flurion Co
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StartVaR and Risk Management Techniques - BBP Kit Q14 - TISA Co (Part c)
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Chapter 5 - International Investment Appraisal
27 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. International Investment Decisions - Introduction (43:10)
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Start2. International Investment Decisions - Evaluating the Projects (23:28)
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Start3. Financing Decisions (26:43)
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Start4. What are NPV, IRR and Assumptions (12:14)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartNPV and Foreign Currency - BBP Kit Q17 - CD Co
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StartAPV - Dec 18 Exam Q- Amberle
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StartAPV - Mar/June 21 Exam Q - Robson Co
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StartInv Appraisal, Duration - BBP Kit Q13 - Ferhurst (Part a)
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StartInv Appraisal, Sensitivity Analysis - BBP Kit Q13 - Ferhurst (Part b)
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StartInternational Inv Appraisal - Dec 20 Exam Q - Hathaway Co
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StartAPV - BBP Kit Q - Fabuki Co
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StartMacaulay Duration - BBP Kit Q22 - GNT Co (Part a)
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StartDuration - BBP Kit Q22 - GNT Co (Part b and c)
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StartQuiz - INVESTMENT APPRAISAL
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Start1. Theory Quiz- Investment Decisions
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Start2. Numerical Quiz- Investment Decisions
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Start3. Theory Quiz - Investment Appraisal
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Start4. Numerical Quiz - Investment Appraisal
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Start5. Numerical Quiz - Investment appraisal with Inflation and taxation
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Start6. International Investment Appraisal Theory Quiz 1
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Start7. International Investment Appraisal Theory Quiz 2
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Start8. Advanced Investment Appraisals - Advance Level Theory Quiz 1
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Start9. Advanced Investment Appraisals - Advance Level Theory Quiz 2
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StartAFM - Assignment 2 – Advanced Investment Appraisal - Question.docx
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Chapter 6 - Cost of Capital and Changing Risks
12 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Chapter Intro - Background (20:50)
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Start2. Cost of Capital and Changing Risk (19:30)
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Start3. When not to use WACC ? Adjusted Present Value (1:06:02)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartNPV, APV and MIRR - BBP Kit Q10 - Tampem Co
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StartCap Restructuring Inv and Financing - BBP Kit Q32 - Einnea Co
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StartCapital Restructuring - BBP Kit Q35 - Eview Cinemas
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StartCOC and Changing Risks - BBP Kit Q48 - Conejo Co
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StartBook Financing and Credit Risk - BBP Book Q11 - Levante Co
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StartQuiz - Equity, Debt and WACC
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Chapter 7 - Financing and credit risk
10 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Introduction to Credit Rating (49:38)
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Start2. Impact of Change in Credit Ratings (33:42)
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Start3. Macaulay Duration (53:58)
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Start4. ICO and Islamic Finance (15:21)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartBV, Yield, Duration and Modified Duration - Quick Revision
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StartFin Reconstruction – BV, Duration, Gearing and EPS - BBP Kit Q48 - Conejo Co (Part 1)
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StartFin Reconstruction – BV, Duration, Gearing and EPS - BBP Kit Q48 - Conejo Co (Part 2)
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Chapter 8 - Valuation for Acquisitions and Mergers
20 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Introduction to Valuation for Acquisitions and Mergers (24:50)
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Start2. Asset Based Valuations (40:31)
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Start3. Market Based Valuations (1:06:31)
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Start4. Cash Based Valuations (49:17)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartBusiness Valuation - Kaplan Kit Q48 - Oxwick Co
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StartBusiness Valuation - BPP WB Q16 - Persuit Co
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StartBV and Acquisition - June 24 Exam Q - Garnod Co
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StartBussiness Valuation - Dec 22 Exam Q - Propleis and Adictan Co
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StartAcquisitions and Mergers - BBP Kit Q26 - Chithurst
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StartCash Flow Projection and BV - BBP Kit Q13 - Kodiak Co
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StartDemerger and BV - Practice Question - Newimber Co
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StartValuation with Share Options and Pensions - BBP Kit Q43 - Burcolene
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StartAcquisition and Valuation - BPP Book Q17 - Olivine
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StartAcquisitions - BPP Kit Q28a - Mackonis
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StartAcquisitions - BBP Kit Q28(b&c) - Mackonis
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StartValuation for Acq and Mergers - Kit Q 25a - Selorne Co
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StartSynergy and Source of Finance - Kit Q 25b & c - Selorne Co
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Chapter 9 - Strategic Consideration in Mergers and Acquisitions
12 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. History of Acquisitions and Mergers (1:02:30)
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Start2. Strategic Considerations (44:13)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartManagement Buyout - BPP Kit Q30 - Doric Co
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StartEquity Valuation – FCFF - BBP Kit Q58 - Nente Co (Part a(i))
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StartShareholder Value – Gain in Value from Payment Offers - BBP Kit Q58 - Nente Co (Part a(ii))
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StartValuation - BBP Kit Q58 - Nente Co (Part a(iii))
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StartTakeover Offer – Shareholder Perspective and Synergy - BBP Kit Q58 - Nente Co (Part a(iv))
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StartQuiz - Strategic Consideration in Mergers and Acquisitions Theory
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StartQuiz - Strategic Consideration in Mergers and Acquisitions Calculation
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Chapter 10 - Financing Acquisitions and Mergers
10 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Financing Acquisitions and Mergers (51:09)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartAcquisition – Adv & DisAdv for Acquirer - BBP Kit Q27 - Louieed (Part a)
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StartTakeover Valuation – Implied P/E Ratios - BBP Kit Q27 - Louieed (Part b)
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StartMBO and MBI - BBP Kit Q34 - Bento (Part a)
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StartRestrictive Covenant - BBP Kit Q34 - Bento Co (Part b)
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StartMBO - Fin Evaluation and Benefits - BBP Kit Q34 - Bento Co (Part c)
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StartQuiz - MERGERS AND ACQUISTIONS
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Chapter 11 - Role of Treasury Management
6 Lessons -
Chapter 12 - Managing Foreign Currency Risks
21 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Introduction to Currency Risk Management (19:29)
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Start2. Spot Rates and Spreads (24:13)
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Start3. Forward Contracts (15:53)
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Start4. Introduction to Currency Futures - 1 (13:47)
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Start5. Introduction to Currency Futures - 2 (21:58)
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Start6. Currency Futures - Example 1 Explained (25:18)
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Start7. Currency Futures - Example 2 Explained (18:08)
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Start8. Forecasting The Future Rates (09:41)
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Start9. Short Cut Approach to Find Futures Net Outcome (20:30)
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Start10. Margins and Marking to Market (13:28)
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Start11. Currency Options (32:09)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
-
StartForeign Currency Hedging - BBP Mock Q2 - Nutourne Co
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StartHedging Strategy and Forward/Option Markets - Studyhub Q - MJY Co
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StartHedging a Foreign Currency Receipt - StudyHub Q - Flay Co
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StartHedging a Foreign Currency Receipt - BBP Kit Q39 - Casasophia Co (Part a)
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StartCurrency Swap and NPV - BBP Kit Q39 - Casasophia Co (Part b)
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StartHedging Strategy and Treasury Function - Past Exam Q - Gogarth Co
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StartQuiz - Managing Foreign Currency Risks Calculation
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Chapter 13 - Managing Interest Rate Risks
24 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Interest Rate Risks - Forward Rate Agreements (21:21)
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Start2. Interest Rate Risks - Futures (51:41)
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Start3. Interest Rate Risks - Options (17:27)
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Start4. SWAPS - (37:50)
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Start5. SWAPS - Extra Lesson (20:43)
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Start6. Quick Recap on Futures, Options and SWAPS (1:13:19)
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Start7. Buy a Call or Put Option (21:45)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartHedging Strategies - BBP Kit Q42 - Awan Co
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StartShort-Term Interest Rate Risk Hedging - BBP WB Q22 - Shawter Co
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StartFRA, Futures and Options - BBP Kit Q43 - Wardegul Co
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StartSwaps, Collars and Option Valuation - Dec 2020 Exam Q3 - Fitzharris
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StartBPP Kit Q44 - Keshi Co - Discussion
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StartInterest Rate Hedging - BBP Kit Q44 - Keshi Co
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StartSwaps - BBP Kit Q40 - Buryecs Co
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StartHedging Strategies and Mark-to-Market Impact - BBP Kit Q45 - Daikon - 1
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StartHedging Strategies and Mark-to-Market Impact - BBP Kit Q45 - Daikon - 2
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StartOptions - Increase Interest Rate - BBP Kit Q37 - Massie Co (Part b)
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StartCollars - BBP Kit Q37 - Massie Co (Part b)
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StartOptions - Decrease Interest Rates - Kit Q 37 Massie Co (Part c)
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StartHedging Strategies and Mark-to-Market Impact - Kit Q 45 Daikon Co (Part b)
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StartQuiz - Risk Management
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Chapter 14 - Financial Reconstruction
12 Lessons-
Start🔵 LEARNING STAGE - TOPIC VIDEOS & NOTES
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Start1. Financial Reconstruction (34:27)
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Start2. Cost of Capital - Overview and Dividend Valuation Model (22:05)
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Start3. Cost of Capital - Introduction (13:20)
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StartComplete Study Notes
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Start🔻 PRACTICE STAGE - KIT AND EXAM QUESTION VIDEOS
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StartBBP Kit Q47 - Pault Co - Discussion
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StartInterest Rate Swap, Forward Rates, and ACFs- BBP Kit Q47 - Pault Co (Part a)
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StartInterest Rate Swap and Floating Rate Exposure - BBP Kit Q47 - Pault Co (Part b&c)
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StartDivestment Decision – Going Concern vs Asset Sale - BBP Kit Q33 - Nubo Co (Part a)
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StartDisposal and Demerging - BBP Kit Q33 - Nubo Co (Part b)
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StartFinancing Options - BBP Kit Q33 - Nubo Co (Part c)
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Recordings of Live Sessions for Dec 2026 Exam Session
6 Lessons -
Last Week Quick Revision Before Final Exam
6 Lessons -
Quick Syllabus Revision Sessions
13 Lessons-
StartAFM Exam Preparation Focus (7:08)
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StartCh 3 Quick Revision (9:54)
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StartCh 3 Quick Revision of NPV (19:56)
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StartCh 3 Terminal Cash Flows (14:29)
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StartCh 3 Standard Deviation and Value at Risk Discussion (14:34)
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StartCh 4 Quick Revision FCF, FCFE. NPV, APV and Real Options (38:31)
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StartCh 4 Option Pricing Theory - Black Scholes Revision (1:37:45)
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StartCh 6 Quick Revision (42:36)
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StartCh 6 Quick Recap - KE and Kd (45:15)
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StartCh 7 - Quick Revision (36:44)
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StartCh 8 Quick Revision (20:32)
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StartCh 12 Quick Revision - Part 1 (53:50)
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StartCh 12 Quick Revision - Part 2 (31:08)
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Past Paper
9 Lessons-
StartAFM Past Paper March/June 2022
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StartAFM Past Paper Sept/Dec 2022
-
StartAFM Past Paper March/June 2023
-
StartAFM Past Paper Sept/Dec 2023
-
StartAFM Past Paper March/June 2024
-
StartAFM Past Paper Sept/Dec 2024
-
StartAFM Past Paper Mar/Jun 2025
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StartAFM Past Paper Sep/Dec 2025
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StartAFM Past Paper March/June 2026
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